MainStay Balanced Fund

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MainStay Balanced Fund

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> Holdings

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Fund Performance

Share Class (Inception)
Category: Blended	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	6.32	-15.32	-4.56	0.10	3.47	7.65
Class INV (02/28/2008)	6.20	-15.48	-4.61	0.07	3.45	7.64
Class B (01/02/2004)	5.81	-16.13	-5.33	-0.68	2.69	6.85
Class C (12/30/2002)	5.87	-16.09	-5.32	-0.68	2.69	6.85
With Sales Charges:
Class A (01/02/2004)	0.47	-19.98	-6.34	-1.02	2.89	7.34
Class INV (02/28/2008)	0.36	-20.13	-6.39	-1.06	2.87	7.34
Class B (01/02/2004)	0.81	-20.29	-6.18	-1.01	2.69	6.85
Class C (12/30/2002)	4.87	-16.93	-5.32	-0.68	2.69	6.85
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	6.32	-15.32	-4.56	0.10	3.47	7.65
Class INV (02/28/2008)	6.20	-15.48	-4.61	0.07	3.45	7.64
Class B (01/02/2004)	5.81	-16.13	-5.33	-0.68	2.69	6.85
Class C (12/30/2002)	5.87	-16.09	-5.32	-0.68	2.69	6.85
With Sales Charges:
Class A (01/02/2004)	0.47	-19.98	-6.34	-1.02	2.89	7.34
Class INV (02/28/2008)	0.36	-20.13	-6.39	-1.06	2.87	7.34
Class B (01/02/2004)	0.81	-20.29	-6.18	-1.01	2.69	6.85
Class C (12/30/2002)	4.87	-16.93	-5.32	-0.68	2.69	6.85
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost.
Class A & INV: 5.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.29%, INV 1.38%, B 2.10%, C 2.10%, R1 1.11%, R2 1.36%, R3 1.61%, I 1.01%. Net Expenses: Class A 1.28%, INV 1.38%, B 2.10%, C 2.10%, R1 1.04%, R2 1.29%, R3 1.54%, I 0.94%. Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses of such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes historical performance of the Class I shares from inception (5/1/89) through 12/29/02, adjusted to reflect the applicable sales charge and CDSC and the applicable fees and expenses. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares.

Growth of a Hypothetical $10,000 Investment at NAV

Class I shares 05/01/1989 to 03/31/2009. Based on total returns with reinvestment of distributions and does not reflect the effect of any sales charges, which would reduce performance shown. Performance for Class A, B, and C shares will differ based on differences in their sales charges and expense structures. The Balanced Composite Index is comprised of the Russell Midcap^® Value Index and the ML Corporate and Government 1-10 Years Bond Index weighted 60%/40%, respectively. The Russell Midcap^® Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Merrill Lynch (ML) Corporate and Government 1-10 Years Bond Index is a market capitalization-weighted index including U.S. government and fixed coupon domestic investment grade corporate bonds with at least $100 million par amount outstanding. An investment cannot be made directly into an index.

Investment Advisor

MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $224 billion in assets under management as of March 31, 2009. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.

Investment Subadvisors

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisors, Madison Square Investors and Fixed Income Investors. Madison Square Investors offers quantitative investment solutions to a wide range of individual, corporate, public, endowment and foundation, and Taft-Hartley clients. Fixed Income Investors, a division of New York Life Investment Management LLC, is a multiproduct asset manager responsible for fixed-income and real estate equity capital markets activities.

Portfolio Manager(s)

Tony H. Elavia, Ph.D.
Mr. Elavia is a Senior Managing Director at New York Life Investments and is also Chief Executive Officer and Chief Investment Officer of Madison Square Investors. Prior to joining New York Life Investments in 2004, Mr. Elavia spent five years as a Managing Director and Senior Portfolio Manager of the Large Cap Growth team of Putnam Investments in Boston, Massachusetts. Mr. Elavia holds a PhD and MA in Economics from the University of Houston and a MS and BC from the University of Baroda in Vadodara, India.

Thomas J. Girard
Mr. Girard is a Senior Portfolio Manager, Head of the Portfolio Management and Strategy Group and chairs the Portfolio Strategy and Asset Allocation Committee. He joined New York Life Investments in 2007 and is responsible for managing all multi-sector third-party fixed income mandates. Prior to joining New York Life Investments, Mr. Girard was a Portfolio Manager and co-head of fixed income at Robeco Investment Management/Weiss Peck Greer where he developed specific investment strategies for institutional clients, including insurance companies and corporate pension plans from 1996 to 2006. Prior to that, Mr. Girard was a Portfolio Manager at Bankers Trust from 1994 to 1996 where he managed money market, asset-backed and corporate bond portfolios. He received a BS from St. John Fisher College and an MBA from Fordham University. Mr. Girard is a Certified Public Accountant.

Fund Objective

To seek high total return.

Investment Strategy

>	The Fund normally invests approximately 60% of its assets in stocks and 40% of its assets in fixed-income securities (such as bonds) and cash equivalents.
>	Although this 60/40 ratio may vary, the Fund will always invest at least 25% of its assets in fixed-income securities.
>	By holding both stocks and bonds, the Fund seeks a balance between capital gains from stock appreciation and current income from interest and dividends.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	133.3M	47.6M	67.0M	60.2M
Beta¹	0.92	0.92	0.92	0.92
Standard Deviation²	10.75	10.76	10.76	10.74
Average Maturity	4.9 Yrs
Number of Holdings	266
Average Duration	3.7 Years
Purchases	$1,000 minimum initial investment, $50 subsequent

¹Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the market's. Beta shown is based on monthly returns over the last three years.
²Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time (five years). A high standard deviation indicates that the range is wide, implying greater potential for volatility.

Investor Profile

>	Investors seeking total return from a combination of stocks, bonds, and cash.
>	Investors who believe balance and diversification are sound ways to help manage risk.

Why Balanced Investing?

Balanced funds offer exposure to the growth potential of stocks and current income from bonds in a single investment.

About Risk

Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. The Fund may invest in derivatives, which may increase the volatility of the Fund's net asset value and may result in a loss to the Fund. The Fund’s use of securities lending presents the risk of default by the borrower, which may result in a loss to the Fund. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. The principal risk of mortgage-related and asset-backed securities is that underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund’s investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money.

View the Prospectus

This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.

These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.

All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.

Performance figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception (5/1/89) through 12/29/02, adjusted to reflect the applicable sales charge and CDSC and the applicable fees and expenses. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares.

> Back to Top

>	First Offered
	Class A: 01/02/04
	Class INV: 02/28/08
	Class B: 01/02/04
	Class C: 12/30/02

>	Nasdaq Symbol
	Class A: MBNAX
	Class INV: MBINX
	Class B: MBNBX
	Class C: MBACX

>	Cusip Number
	Class A: 278846431
	Class INV: 27885C353
	Class B: 278846423
	Class C: 278846555

>	Fund Number
	Class A: 1523
	Class INV: 2536
	Class B: 1524
	Class C: 1920

>	Download Prospectus
>	View Fact Sheet
>	Access Annual / Semiannual Report

>	Morningstar Style Box^TM

The top Morningstar Style Box^TM reveals a funds' investment strategy. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows the investment style (value, blend, or growth). The bottom box reveals the quality and duration of a fund's debt securities. The vertical axis of this box shows the average credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate, or long).

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